November 21, 1908]	THE CHICAGO BANKER
		
NOW READY American Railways as Investments By CARL SNYDER Their History, territory, great groups and allies, who own and run them, stability of traffic, earnings and surplus. Their capitalization, condition, recent improvements, resources, future, range of market prices, yield to the investor, etc. This is a work designed for the Investment Banker and Broker and more especially still, for the general investor himself. It is practical, not theoretical, and presents a comparative and historical analysis of nearly 100 of the important railway companies of America. Price, S3.20 net; by mail, S3.52 THE CHICAGO BANKER MONADNOCK BLOCK CHICAGO		Second National Bank PITTSBURGH, PA. CAPITAL STOCK - $1,800,000 SURPLUS 2,000,000 ־ ־ ־ HENRY C. BUGHMAN, President WM. McCONWAY, Vice-President JAMES M. YOUNG, Cashier THOMAS W. WELSH, Jr., Vice-President BROWN A. PATTERSON, Asst. Cashier Depositary of the United States, the State of Pennsylvania and City of Pittsburgh DIRECTORS HENRY C. BUGHMAN, WM. M. KENNEDY, FRANK C. OSBURN, President Commonwealth Trust Co. Attomey־at־Law ROBERT D. ELWOOD, JAS. S. KUHN, EDWARD B. TAYLOR, of R. D. Elwood & Co. Pres. Pgh. Bank for Savings Vice-Pres. Penna. Co. CHAS. W. FRIEND, WM. McCONWAY, FRANK S WILLOCK, . Clinton Iron & Steel Co, of McConway & Torley Co. of Westmoreland Bnck Co. THOS. D. CHANTLER, WM. L. CURRY, Chantler & McClung McKeesport Tin Plate Co. Accounts Solicited—Our facilities insure prompt attention
		
Hnü ginai AmnmM Pi		ifeIbiSr|tI!n LATEMEl X LATOI
own in the Keystone Building. Mr. O’Bryan was one of the most popular men in the Real Estate Trust Company’s offices and everybody connected with the company, from D. P. Black, president, down to the office boy, regretted to see Mr. O’Bryan leave and wish him every success. He learned the brokerage business with the old firm of Black & Gloninger and is thoroughly versed in all its branches. While it is not generally known, Mr. O’Bryan is an expert lot salesman and he organized several successful land companies. He has also put through numerous big acreage and residence sales; also some large downtown deals, hence it is a foregone conclusion that he will succeed as an individual broker.
Elected to Fill Vacancies
Nathaniel Holmes and Joseph T. Spear were last week elected at the annual meeting of the Western Insurance Company of Pittsburgh, to fill the vacancies on the board of directors caused by the death of John B. Jackson and Frank Semple. Mr. Jackson was president of the company, and the board will meet in the near future to reorganize. Other directors elected are Charles A. Painter, E. H. Stowe, George W. J. Bissell, David P. Black, H. S. A. Stewart, W. H. Nimick, James H. Lockhart, John E. Burford, H. J. Heinz, John Woodwell and Reuben Miller.
The Cosmopolitan National
Depositors in the Cosmopolitan National of Pittsburgh, are to get a 30 per cent dividend on their deposits within 10 days, through an agreement reached Saturday by Receiver Robert Lyon of the bank with Delinquent Tax Collector L. R. Goshorn.
Banking Notes
The Pittsburgh Stock Exchange seats held by the Pittsburgh and New York house of Whitney, Stephenson & Co., will be sold on the floor of the exchange November 23d. The affairs of the company are being wound up as speedily as possible.
Charles K. Kuhn has sold his Pittsburgh Stock Exchange seat contingent on the election of E. M. Kershner.
S. F. Hauck, Charles Hetrick, Harry Hertzler, Jacob Kost, Merkel Landis, L. C. Lesher, J. W. McCullough, J. M. Mell, H. F. Rinesmith, H. E. Shelbly, H. A. Spangler and Frank E. Thompson.
First National of New Kensington
George C. Ball of Washington has been appointed receiver for the First National of New Kensington, but has refused to make a statement until he has gone over the books of the institution. The bank, closed last Saturday by Examiner John B. Cunningham, may be reopened, according to interests associated with the management. It is said the trouble came from bad loans made by a former official, and that enough money has been pledged by Pittsburgh and Kensington interests to make up the losses provided the government will accept the arrangement. They desire to avoid a long and expensive receivership. It is stated that directors claim the assets are greater than liabilities, and depositors who appeared at the institution yesterday were told their accounts were secure.
Bank Clerk Acquitted
Addison C. Altaffer, former discount clerk of the Allegheny National of Pittsburgh, was found not guilty shortly before noon Friday by a jury in the United States court on a charge of aiding and abetting former Cashier William Montgomery in the embezzlement of over $200,000 from the bank. The shortage of the Allegheny bank is said to be $1,250,000, and ]Montgomery was recently twice convicted on charges of embezzlement and abstraction of sums aggregating over $600,000. Attorneys for Altaffer claimed that in signing the names of customers for loans, their client had carried out orders of his superior, Cashier Montgomery, and that Altaffer had in no way profited from the transactions.
Opens Brokerage Office
E. Garrick O’Bryan, one of the best known of the younger realty men of Pittsburgh, who has been in the sales department of the Real Estate Trust Company for eight years, last week opened a realty brokerage office of his
That the failure of national banks in western Pennsylvania is becoming too frequent, and that something must be done to stop the failures, is part of a recommendation handed in by the United States grand jury, which recommended that the, case of every director in each of four distressed national banks in western Pennsylvania be investigated to see “if he had not a legal as well as a moral responsibility in the bank’s affairs resting on him.”
The United States District Attorney is to make a report to the next grand jury.
John O. Miller Elected Secretary and Treasurer John O. Miller of the Monongahela Trust Company of Homestead has been elected secretary and treasurer of the Peoples Savings Bank of Pittsburgh. He takes the place vacated by James K. Duff, who is now prominently identified with J. S. and W. S. Kuhn. Mr. Duff’s resignation left a vacancy in the secretaryship of the Safe Deposit and Trust Company, but it will not be filled until the regular election in January. Mr. Miller is well known in the banking community, having been connected with the Mellon National.
Second Dividend to be Paid
Receiver Harold G. Murray of the Farmers and Merchants National of Mount Pleasant, which closed October 29, 1907, has announced that a second dividend of 25 per cent has been arranged for the depositors. The checks are now in the hands of the Comptroller of the Currency for his signature and will be distributed early in December.
Mr. Murray made a special effort to secure this dividend so that the 2,000 depositors may have money for the holiday season. It is said that if pending deals for the sale of securities can be carried through the bank will be able to wind up its affairs within six months, paying every depositor dollar for dollar.
The Carlisle Trust Company
The Carlisle Trust Company has elected the following officers: W. B. Zullinger, H. G. Boetom, Harry G. Brown, John A. Beltzhoover, T. A. Carothers, George B. Cole, Edward J. Gardner, I. E. Greenwood, Raphael S. Hays,